The need to implement philosophies and practices commonly referred to as "improved business practices" comes from
A) increased competition resulting in public accounting firms being concerned about keeping clients and maintaining a reasonable profit.
B) a CAS pronouncement.
C) a GAAP pronouncement.
D) a need to increase profitability on assurance type mandates.

Question

Quizplus · Accepted Answer

The increased competition in the industry leads to a need for improved business practices to keep clients and maintain profitability. Other pronouncements (CAS, GAAP) may also require certain practices, but the primary driver for implementing improved business practices is the competitive nature of the industry.

The Need to Implement Philosophies and Practices Commonly Referred to as "Improved